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Mystifly raises $3.3 Mn in bridge round

Indian Startup Chamber

Admin
  • July 14, 2020
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Mystifly is a ten-year-old Bengaluru based startup which offers management software for payment processing and airline inventory to both online and offline travel aggregators. The company in its pre-Series B round which was led by Japan-based Recruit Holdings Co., Ltd has raised $3.3 million.

 

In Series B round the startup is planning of raising an additional $30 million in equity financing. The startup has its one branch in Singapore which has a strength of around 140 employees. Currently the startup helps offline travel agents and online travel aggregators (OTAs) to automate airline ticketing distribution, fulfilment and payments technology by offering them SaaS solutions.

 

Airline ticketing and fulfilment is a very complex process, especially it's even more difficult for an offline agent. Airlines like Indigo, GoAir for bookings operate with OTAs using a wallet model. OTAs have to first put cash in the airlines' wallet, and then they use this balance with each operator to process air tickets. For a successful booking of air ticket, both refunds and payment for the air ticket get credited into the travel agent’s or the OTA’s account approximately after every 20 days. Mystifly informed that their product has helped to shorten the payment settlement cycle to within 24 hours.


Mystifly will use its fresh investment to strengthen its product and technology, its capability in data science & machine learning and will also work towards the airline payments inefficiency. Mystifly in the last fiscal has reported profits and the startup in the first six years of operations didn’t raise any external funds. In 2016, Mystifly had raised fund of $5 million from Recruit Holdings group. From the day of its first funding to today, the number of transactions the company is doing has scaled up from 800 transactions a day to around 12,500 transactions a day.

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